Celebrate Friday’s rebound going into next week

2019-03-08 23:18:00

The market rebound on Friday is worth celebrating given that Wall Street had its worst week of 2019, CNBC’s Jim Cramer said.

Businesses added 20,000 jobs in February, far short of the 170,000 that economists forecast, but the market shrugged it off, he said. The Dow Jones Industrial Average originally fell 221 points before closing less than 23 under, while the S&P 500 and Nasdaq both slipped more or less 0.20 percent.

“I think, on some level, there’s an understanding that this hiring data is just not representative. The numbers were severely distorted by both the government shutdown and the terrible weather,” the “Mad Money” host said, explaining that Costco delivered strong quarterly earnings but blamed bad weather on why it didn’t do even better.

Additionally, Cramer said the federal Labor Department has a history of poorly handling the payroll data.

Global headwinds — including U.S.-China trade, Brexit and weakness in Europe — are still present but the consumer appears to remain confident, Cramer said.

Here’s his game plan for the week ahead:


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